This tactic is undertaken due to the brand loyalty and brand awareness associated with an existing product.
Consumers are more likely to buy a new product that has a reputable brand name on it than buy a similar product from a competitor without a reputable brand name.
What is product line extension marketing
Product line extension (also known as expansion) involves a business adding a new product to one of its pre-existing product lines.
Which of these are extension strategies of a product?
- Change product– New and improved versions of the product can be released…
- Change price– Price can be lowered to allow new customers to buy it
- Change place– Products can be sold in different countries or territories to gain more sales
What is Nike’s brand extension
Brand Extension Examples A well-known example of a brand extension is Nike, whose core product is sports shoes.
However, the Nike brand name is also attached to products such as soccer balls, golf clothing and sunglasses, which naturally align with the brand’s core sporting goals.
What is a brand stretch
the process of using an existing brand name for new products or services that may not seem related: Tobacco companies are using brand stretching to get their names established in other areas.
How does Coca Cola use brand extension
This brand is best known for its original coke taste, but using brand extension, Coca-Cola has launched a whole new line of various coke products, such as Coke zero and Cherry Coke flavor.
When exploring brand extension, this can also mean completely unrelated product lines compared to the original product.
Does Starbucks have a brand extension
Starbucks has unveiled a revamped global brand identity as part of a plan to mark its 40th year in business and expand the brand beyond coffee.
What is an example of extension strategy
For example, a business could try introducing a different sized version of the product.
Increasing marketing activity – Running new advertising campaigns and sales promotions can attract new customers, remind previous customers that the product still exists and encourage existing customers to buy more of the product.
What is product form extension
Product form extension includes launching the same product in a different form, which results in it competing in a different product category.
Snickers used this brand extension type to launch Snickers ice cream bars.
What possible mistakes can a company make when pursuing a brand extension?
- Not defining your brand strategy first
- Starting with a cheap brand identity
- Failing to differentiate your brand
- Not connecting with the right audience
- Stretching your brand to far
- Not providing great brand experience
In what ways can brand extensions improve the odds of new product success
With a brand extension, consumers can make inferences and form expectations as to the likely composition and performance of a new product based on what they already know about the parent brand itself and the extent to which they feel this information is relevant to the new product.
Is Diet Coke a brand extension or line extension
The most well-known example of a line extension was Coca-Cola’s release of Diet Coke in 1982.
It was used to target the growing weight- and calorie-conscious market. Diet Coke still exists today.
What is line extension example
A line extension is when a parent brand launches a new product line in a category already familiar with its customers.
With a line extension, brands don’t have to create new categories. An excellent example of a line extension is when soft drink companies introduce new flavors to their existing drink lineup.
When a company uses a product line extension
Product line extension is a marketing strategy that uses an established brand to introduce a new item into the same product line.
The new item may differ slightly from what a company already offers, such as in flavor, color, form, ingredients or packaging size.
What is the main risk of a brand extension or a line extension
Brand extension in unrelated markets may lead to loss of reliability if a brand name is extended too far.
An organization must research the product categories in which the established brand name will work.
There is a risk that the new product may generate implications that damage the image of the core/original brand.
What are the types of brand?
- Personal branding
- Product branding
- Service branding
- Retail branding
- Cultural or geographic branding
- Corporate branding
- Online branding
- Offline branding
Why is product extension important
Product line extension is a part of every company’s marketing strategy. It’s a low-risk way to meet the needs of various customer segments and can be used as a competitive weapon to increase a brand’s control over the market.
How do you evaluate a brand extension opportunity
Consumer factors when identifying potential brand extensions, marketers should consider parent brand association – especially as they related to the brand positioning and core benefits – and product categories that might seem to fit with that brand image in the minds of consumers.
Is Diet Coke a brand of extension
1982. Coca-Cola creates its first brand extension after nearly a century of existence. Diet Coke is born – a sugar-free version of its flagship product, launching in the US in August, and created using sweeteners aspartame and saccharin.
What is brand stretching in luxury
Brand stretching. Applying luxury strategy to a fashion or premium strategy – for example Cartier and Hermes with perfume category or Louis Vuitton to ready to wear.
Luxury brand stretching is both brand extension and pure brand stretching. Two models of brand stretching.
Is Coke Zero a brand extension
This brand is best known for its original coke taste, but using brand extension, Coca-Cola has launched a whole new line of various coke products, such as Coke Zero and Cherry Coke flavor.
What are the benefits of product line extension?
- It Draws In New Customers
- It Keeps the Existing Customers Excited
- It Increases Profits
- It Helps in Achieving Economies of Scale
- It Enhances Marketing Efficiency
- It Enables the Business to Occupy Larger Shelf Space
What are some examples of brand licensing
A good example is Toyota and Lexus; the Lexus brand was introduced by Toyota into the US market because in that market, the Toyota brand was viewed as a value brand.
Another example is where a manufacturer will allow a store, such as Walmart or Sears, to have their name on their product.
What is brand fit
Brand fit is the extent to which the new product is consistent with the brand image.
The kneepad is an extension of high brand fit since the product is consistent with Nike’s athletic brand concept.
Product fit refers to the extent to which the new product resembles a specific product in the brand’s product line.
What are extension strategies
An extension strategy is a practice used to increase the market share for a given product or service and thus keep it in the maturity phase of the marketing product lifecycle rather than going into decline.
Extension strategies include rebranding, price discounting and seeking new markets.
Can you give any examples of successful brand stretching
Brand stretch: a launch of a new product into a completely different and unrelated category e.g. Galaxy Creamy Hot Chocolate with Marshmallows or Robinsons Classic Fruits Sweets.
Is Snickers ice cream a brand extension
10 Examples of Successful Brand Extensions: Shift the form: Starbucks Frappuccino, Snickers Ice Cream Bars, Black & Decker Role Play Tool Toys, Clorox Bleach Pen, Dial Hand Wash.
What are 4 types of brands
What Are 4 Types of Brands? There are numerous types of brands, but the four most common ones include corporate brands, personal brands, product brands, and service brands.
What is branding and give 5 examples of branding
Branding is the process of communicating a unique selling proposition, or differential, that sets a product or service apart from the competition.
Examples of branding techniques include the use of logos, taglines, jingles or mascots.
What’s an example of co-branding
Uber & Spotify Music-streaming app Spotify partnered with ride-hailing app Uber to create “a soundtrack for your ride.”
This is a great example of a co-branding partnership between two very different products with similar goals— to earn more users.
References
https://ampjar.com/blog/collaborative-marketing-guide/
https://core.ac.uk/download/pdf/229605223.pdf
https://www.investopedia.com/terms/b/brand.asp
https://quizlet.com/409927208/luxury-brand-stretching-flash-cards/
https://smallbusiness.chron.com/examples-branding-marketing-11685.html
